The best classic car insurance policies provide inexpensive, quality coverage for antique or high-performance vehicles driven for pleasure rather than everyday use. The list of the best classic car insurance companies includes a mix of household names such as State Farm and specialty insurers like Hagerty and American Collectors.
2021’s Best Classic Car Insurance Companies
Best Classic Car Insurance Companies
Hagerty: Best Classic Car Insurance for Automobile Enthusiasts
Hagerty is one of the biggest names in classic car insurance. Its policies do not have mileage limits, though customers must use their cars for pleasure only, rather than regular commuting or errands. Hagerty also offers in-house parts specialists and covers a wide variety of vehicles, including boats, antique tractors, and historic military vehicles.
The company is a popular choice for drivers who want to be involved in classic car culture, too. For instance, enthusiasts can join the Hagerty Drivers Club for discounts, a magazine subscription, and access to events like car shows and seminars.
State Farm: Best Classic Car Insurance from a Standard Insurer
State Farm is one of the few standard insurance companies to underwrite its own classic car policies. To qualify, cars must be stored in an enclosed structure, be in good condition or in the process of restoration, and be driven a maximum of 2,500 miles annually (and only to shows, parades, or other events).
State Farm classic car insurance includes up to $500 in spare parts coverage, and the company offers 24/7 access to representatives. Plus, since State Farm sells many types of insurance, classic car policyholders can save through multi-policy and multi-car discounts.
Safeco: Best Classic Car Insurance for a Frequently-Used Car
Classic car insurance from Safeco is available for antique, reproduction, replica, restoration, modified, and modern classic cars. A regular-use classic car policy from Safeco covers up to 10,000 miles annually. Alternatively, drivers who want to save can purchase a restricted-use plan, which covers up to 5,000 miles per year. Safeco also offers multi-car discounts for drivers insuring a classic and a modern car.
Heacock Classic: Best Classic Car Insurance for a Race Car
Heacock Classic stands out for its wide definition of classic cars, since it covers hot rods, muscle cars, exotic cars, sports cars, tribute cars, replica cars, modern collector cars, and antique cars. Unlike most classic car insurers, Heacock Classic writes policies for race cars as well.
American Collectors: Best Classic Car Insurance for Add-On Options
Specialty insurer American Collectors provides peace of mind to classic car owners with its variety of roadside assistance plans and added benefits. For instance, the company’s “TLC” plans offer roadside assistance, a theft reward, personal effects reimbursement, and more.
In addition, American Collectors customers automatically benefit from spare parts coverage up to $500. There’s also an “inflation guard” that can increase the vehicle’s agreed value by up to 6% after a covered loss.
Key Things to Know About Classic Car Insurance
- Classic car insurance covers antique, exotic, and super-performance vehicles.
- Most insurers do not allow classic cars to be driven for commuting or regular errands, though each company’s exact requirements vary.
- Insurers often have stricter driver requirements for classic car insurance, so young drivers and those with a recent at-fault accident might struggle to find an insurer willing to cover them.
- Classic cars must be stored in an enclosed and locked structure to qualify for coverage with most insurers.
- If a classic car is totaled, most policies will pay the vehicle’s agreed value, which is determined when the policy is purchased. Some classic car insurers will even include inflation in their totaled car payouts.
Classic Car Insurance Discounts
You can lower your classic car insurance premium by taking advantage of discounts. Some discount options are specific to classic car insurance, whereas others might apply to your insurance policy for your everyday car as well. Every classic car insurance company offers different discounts, but there are some that are commonly found with most insurers.
Common Discounts for Classic Car Insurance
- Anti-theft devices: Save if your car has a qualifying anti-theft device, such as LoJack.
- Car club membership: Save if you belong to a qualifying collector car club.
- Security discount: Save if your garage has an approved security device installed.
- Switching insurers: You may be able to get a discount when you switch from one classic car insurer to another, if the policies are comparable.
- Multi-car discounts: Save by insuring several cars on the same policy, whether a classic car collection or a classic car plus the vehicle you use every day.
- Defensive driving course: Insurers in some states are required to provide a discount to policyholders who take an approved driving class, though age restrictions may apply.
- Multi-policy discount: You can often save by purchasing multiple types of insurance from the same company.
How to Get the Best Classic Car Insurance
1. Shop Around
Like with any other type of car insurance policy, comparing quotes from different companies is the best way to find the most affordable classic car insurance. As a general rule, aim to get classic car quotes from at least three different insurers before purchasing a policy.
2. Compare Discounts
When you’re comparing quotes, you should also factor in discounts that you qualify for in order to get an accurate idea of what you’ll actually pay.
3. Look for Perks
In addition to low prices, you should look for a classic car insurer that offers valuable benefits. For example, many classic car insurers offer an inflation guard, which is a perk that raises the coverage on your vehicle as it becomes worth more money over time.
4. Consider Your Individual Needs
When shopping for classic car insurance, you should prioritize coverage that meets your specific needs. For example, the best insurer for a vintage race car might not be the best for a car that you regularly drive on the weekends.
WalletHub editors compared specialty classic car insurance companies alongside mainstream insurers based on factors like coverage options, qualifying vehicles, spare parts coverage, discounts, and associated benefits. In order to provide helpful information for a wide variety of readers, WalletHub editors evaluated the needs of most classic car owners and determined the best companies for different situations.